Zhongsheng to buy back HK$2.26 billion convertibles

By Wendy Van Sickle

Columbus, Ohio, May 14 – Zhongsheng Group Holdings Ltd. said that dealer manager J.P. Morgan received commitments from holders to sell about HK$2.26 billion of the convertible bonds back to the company.

The remaining outstanding convertibles total about HK$94 million, according to a company notice.

The company announced on May 3 that the dealer manager had met with a “strong response” to a planned repurchase of the convertibles

Pricing was to be set on May 4 based on a reference share price, which will be the higher of HK$22.75, the closing stock price on May 3, and the volume-weighted average price of the company’s shares on May 4.

The repurchase price will be the reference share price divided by HK$22.75 multiplied by 115.25% and then with 1% added.

Pricing details were not included in Monday’s update.

The repurchase will settle on May 23.

Zhongsheng Group is an automotive retail and services company based in Beijing.

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